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Tech-Driven Gaming Startups to Receive $30M Boost from Andreessen Horowitz – Crypto Head

Andreessen Horowitz Logo Is Displayed on a Smartphone. Source: Rafael Henrique – stock.adobe.com

Key Takeaways:

  • Andreessen Horowitz (a16z) has launched a $30 million investment initiative aimed at tech-centric gaming startups, focusing on AI, VR/AR, and Web3 technologies.
  • The investment will be distributed through the SPEEDRUN accelerator program, offering $750,000 to each selected startup along with a 12-week course featuring access to capital, mentors, and a community of founders.
  • Despite the competitive nature of the SPEEDRUN program, its success is highlighted by the fact that 80% of startups from the first cohort secured additional funding post-Demo Day, underscoring the high impact and potential of the initiative.

Venture capital giant Andreessen Horowitz (a16z) has unveiled a substantial $30 million investment initiative aimed at propelling tech-centric gaming startups into the future.

This initiative is focused on harnessing the potential of cutting-edge technologies such as AI, VR/AR, and Web3 in the gaming sector.

Andrew Chen, a general partner at a16z and the lead of the a16z Games One Fund, announced the investment strategy, emphasizing the firm’s commitment to fostering innovation at the nexus of technology and gaming.

“Our investment is targeting the exciting convergence of TECH x GAMES, encompassing a broad spectrum of technologies including AI/infrastructure, 3D tools, VR/AR, Web3 games, gamified consumer applications, and beyond,” Chen detailed.

This ambitious investment will be disbursed over the coming 45 days through a16z’s early-stage accelerator program, SPEEDRUN.

Each selected startup joining this program will receive $750,000 to fuel their growth and development.

The SPEEDRUN program, detailed by Chen in a recent social media post, is not just about financial investment; it’s a comprehensive 12-week course offering participants access to capital, industry-leading coaches, mentors, and a vibrant community of forward-thinking founders.

Despite the promising support, the competition for a spot in the SPEEDRUN program is intense, with only 1% of applicants making it into the last cohort.

However, Chen highlighted the program’s success, noting that 80% of the startups from the first cohort of SPEEDRUN were able to secure additional funding post-Demo Day.

Startups interested in joining this wave of innovation have until May 19 to apply, with the program running from July 29 to October 20, 2024, in Los Angeles, California.

The accelerator has already seen success with Web3 gaming startups like Matchday, a soccer-themed game, and Promodium, which utilizes non-fungible tokens (NFTs).

Overseeing the $600 million Game Fund One, Chen and a16z have already marked their presence in the gaming industry with investments in notable companies such as Roblox, Sandbox, and Sky Mavis—developers of the popular blockchain game Axie Infinity.

Additionally, through its cryptocurrency division, a16z has extended its investment portfolio to include blockchain-based gaming startups like Mythical Games, Yield Guild Games, Azra Games, CCP Games, NOD Games, and Voldex.

With the Web3 gaming market expected to burgeon from $154 billion to $614 billion by 2030, as reported by Fortune Business Insights, a16z’s strategic investments are set to play a pivotal role in shaping the future landscape of the gaming industry, demonstrating a strong belief in the sector’s growth potential through innovative technology applications.

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Fleming Airunugba, a seasoned Web3 and crypto content expert, leverages his deep understanding of blockchain technology to bring the latest and most impactful news to the crypto community.

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